Your observation is correct. There is a consistent pattern of distribution which shows up in a one-minute candles chart. As can be shown in an “On-BalanceVolume” analysis, the selling volume picks up with demand and drops off when buying ebbs. This has been going on for quite a few months and takes place when there is an increase in demand for the stock. Likewise when there is little activity (few buyers or sellers) there seems to be relatively small orders placed which moves the stock price up $.10 - $.16 on only a few hundred shares, restoring the price for later high volume sells. There are also instances where there are large amounts (for BBEP) traded with little or no movement in price (8,000 to 12,000 shares in a minute). I believe this is when a large buy order comes in and is met with an equal volume of stock being offered for sale which doesn’t move the price. All this points to someone wanting to sell a large amount of stock without cratering the price and takes consistent effort and patience over a long period of time to accomplish due to BBEP’s low daily volume (around 250,000 shares) and small float which I estimate to be around 3.2 million shares. It also takes “market-maker type” access to the market to do this. Something the average trader, like you or me, doesn’t have.
nosweat as always thanks for your great feedback. your insight is always most valuable.
to speculate that it is baupost continuing to sell would suggest this could go on for another 6 to 9 months for them to totally exit. would not think it is quicksilver as they would need to file more frequent 13's and their moi appears to be sell large blocks in private transactions but could always be wrong
i think ,unfortunately,that those sellers hold more then our board members hold by a large amount.
this selling can continue thru all of 2011.howeverv like you i hope it doesnt.
happy new year to all longs on this board.
Looks like whoever has been distributing his stock decided to take a day off. Maybe he's taking an early Christmas vacation. Anyway, Merry Christmas to everyone on the message board and thanks for the excellent posts during the year. 2011 looks like it will be another great year for Breitburn and the unit holders.
I usually have a hard time buying more than a few thousand shares without popping the price. Today I had no trouble buying 40K in 5000 share lots and they just filled the order every time and the price didn't waver much at all. What a treat....I love this stock even though Cramer can't seem to say a good word about it.
Perhaps I like it because Cramer can't seem to say a good word about it..... GLTA and Merry Christmas!